Houses Are Getting More Expensive Because of Building Material Shortages

The National Association of Home Builders reports that building material shortages are currently at their worst since 1990 — meaning the supply chain is at its most strained point in 31 years — and that these shortages are leading to rising prices. As of this past April, lumber prices had risen 86% year over year while the price of steel rose 67%, according to the U.S. Bureau of Labor Statistics. On the Thomasnet.com platform, our data shows that sourcing for building materials is up 115% year over year, and demand for lumber-related categories is currently up an average of 81% year over year.